Wachovia

Wachovia (Wachovia Corporation), the "ch" pronounced "k", was the fourth largest bank in the U.S. after Citigroup, Bank of America, and JPMorgan Chase. It was located in around 20 eastern and southern states and in California. Evergreen Investment Management is a subsidiary which sells mutual funds. In 2006, Wachovia acquired Golden West Financial. Wachovia had sales of $46.8 billion and profits of $7.8 billion in 2006.

Wells Fargo completed a purchase of Wachovia on December 31, 2008, the result of a sale forced by the U.S. government after it was determined that Wachovia was "systemically important" and therefore "too big to fail."


 * Robert Steel - former president and CEO

Predatory mortgage loans
According to the report Sold Out - How Wall Street and Washington Betrayed America , "'Alys Cohen of the National Consumer Law Center notes that Wachovia was a national bank that collapsed in significant part because of the unaffordable mortgage loans it originated.'"

Campaign contributions
G. Kennedy Thompson, Chair, CEO & President of Wachovia, is a Bush Ranger having raised at least $200,000 for Bush in the 2004 presidential election.

Wachovia gave $432,000 to federal candidates in the 2006 election through its political action committee - 23% to Democrats and 76% to Republicans.

Lobbying
The company spent $1,060,000 for lobbying in 2006. Six lobbying firms were used.

History
^Wells Fargo purchased Wachovia at the end of 2008.
 * In 1753, Moravian settlers named their settlement in North Carolina, Wachovia, which is the Latin form of the German name Wachau.
 * In 1879, Wachovia National Bank opened.
 * In 1911, after merging with another bank, Wachovia Bank and Trust was formed.
 * Over the decades, a separate bank, First Union, grew through the mergers of more than 80 banks.
 * In 2001, First Union Corporation merged with Wachovia to form the current Wachovia Corporation.

Tobacco involvement
Wachovia Bank & Trust of Winston-Salem, North Carolina is closely associated with R. J. Reynolds Tobacco Company (Barbarians 1990).

Personnel
Key executives and 2006 pay:
 * G. Kennedy Thompson, Chairman and Chief Executive Officer, $1,090,000
 * Benjamin P. Jenkins III, Vice Chairman and President of the General Bank Wachovia Corporation, $700,000
 * Thomas J. Wurtz, Chief Financial Officer, $420,000
 * Stephen E. Cummings, Senior Executive Vice President, $500,000
 * David M. Carroll, President of Capital Management, $642,000

Selected members of the Board of Directors:
 * Robert A. Ingram, Also Vice Chairman, Pharmaceuticals, GlaxoSmithKline
 * Joseph Neubauer, Also Chairman and CEO, ARAMARK
 * Timothy D. Proctor, Also General Counsel, Diageo

Contact details
1 Wachovia Center Charlotte, NC 28288 Phone: 704-374-6565 Fax: 704-374-3425 Web: http://www.wachovia.com